Treasury Secretary states US-China trade discussions ‘stalled’
(MENAFN) Trade negotiations between the United States and China have hit a standstill and may soon require direct involvement from both nations' leaders, according to U.S. Treasury Secretary Scott Bessent.
Speaking to Fox News’ Bret Baier on Thursday, Bessent admitted that discussions were “a bit stalled,” despite a temporary deal earlier this month to pause or reverse most of the newly imposed tariffs for a 90-day period. The agreement followed April’s sharp escalation, when President Donald Trump raised tariffs on Chinese imports to as much as 145%, prompting Beijing to retaliate with 125% duties on U.S. goods.
Bessent expressed optimism that future negotiations, scheduled in the coming weeks, could be productive, particularly if Trump and Chinese President Xi Jinping re-engage directly. “Given the complexity and scope of the negotiations, it will take the two leaders stepping in. They have a strong relationship, and I’m confident China will return to the table,” he said.
In a separate development on Thursday, the U.S. Court of Appeals for the Federal Circuit overturned a lower court ruling that had temporarily halted the tariffs. As a result, the tariffs will remain in effect at least until June 9.
Bessent criticized the judiciary for attempting to interfere in trade policy, arguing that the courts should not override executive authority, especially after the Senate chose not to oppose Trump's tariff strategy. “The president has full authority to set the trade agenda,” he stated. “Court interference only hurts the American public through disrupted trade and lost tariff revenue.”
China, for its part, has denounced the tariffs as a means for Washington to pursue "hegemonic ambitions" at the expense of global interests. Chinese Foreign Ministry spokeswoman Mao Ning reiterated Beijing’s opposition on Thursday, stating that “trade and tariff wars have no winners” and warning that protectionist measures ultimately damage all parties involved.
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